Comerica Bank’s Texas Index Advances in September

Comerica Bank’s Texas Economic Activity Index grew 1.9 percentage points in September to a level of 104.8. The September reading is 33 points, or 46 percent, above the index cyclical low of 71.6. The index averaged 102 points for all of 2012, 10 points above the average for full-year 2011. August’s index reading was revised down from 103.4 to 102.9.

“Our Texas Index increased in September after essentially flatlining through most of 2013. Payroll job gains and strengthening residential construction indicators lifted the index in September. The energy accelerator for the Texas economy may be easing, consistent with declining oil prices at year-end and still-low natural gas prices. However, the broad base of the Texas economy continues to benefit from the improving U.S. economy and from strong real estate markets within the state,” said Robert Dye, Chief Economist at Comerica Bank. “According to the September Case-Shiller house price data, Dallas house prices were up 9 percent over the previous 12 months. This is below the 20-city average gain of 13.3 percent, reflecting much steadier conditions in Texas through the housing meltdown of 2007-2011.”

For a PDF version of the Texas Economic Activity Index, click here: TexasIndex_1113.